Business
Raytec finalizes farm-in with Africa Oil and acquires additional block
Raytec finalizes farm-in with Africa Oil and acquires additional block
About this update from Encanto Potash Corp.
[{"type":"text","content":"\nRaytec finalizes farm-in with Africa Oil and acquires additional block\n\n\n Aug. 20, 2009 (Baystreet.ca) -- VANCOUVER -- Further to an earlier release, Raytec Metals Corp. (the \"Company\" or \"Raytec\") (TSX.V - RAY) announces today that it has finalized a farm-in agreement (the \"Agreement\") with Africa Oil Corp. (\"Africa Oil\"), a member of the Lundin Group of Companies. The Agreement relates to production sharing contracts in which Africa Oil has interests in the Republic of Kenya and the State of Puntland, Somalia.\n\n> \nAfrica Oil will transfer to Raytec a 10% interest in the Block 9 Production Sharing Agreement, a 25% license interest in the Block 10A Production Sharing Contract and a previously unannounced 20% interest in Block 10BB Production Sharing Contract. \nBlock 10BB, recently acquired by Africa Oil from Turkana Energy Inc., is a large block encompassing approximately 13,000 square kilometres in the Rift Valley of northwestern Kenya. The block is within the Tertiary rift trend of East Africa, which has recently yielded major oil discoveries by operators such as Heritage Oil Corp. and Tullow Oil plc, both active in the Lake Albert region of Uganda. Block 10BB is located immediately west of Blocks 9 and 10A. \n> \nAfrica Oil will transfer a 15% license interest to Raytec in the Nogal and Dharoor Petroleum Production Sharing Agreements. \n\"The alliance with Africa Oil is a unique opportunity to partner with the Lundin Group, one of the most respected names in the energy resource industry,\" said Brian Thurston, President and CEO of Raytec. \"Our participation in the Kenya Block 10BB reinforces Raytec's commitment to create opportunities for our shareholders to participate in world-class exploration plays in East Africa\". \nThis farm-in transaction is subject to TSX Venture Exchange (the \"Exchange\") acceptance, as well as approvals of the appropriate regulatory authorities from the Republic of Kenya and the government of Puntland, Somalia. A finders fee will be payable in accordance with Exchange policies. \nAbout Raytec: \nRaytec Metals Corp. is a well-financed, Canadian exploration company with recently signed agreements with Africa Oil Corp. and Encanto Potash Corp. The Company holds an approximately 20% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patente...